Announcements will come at a rapid rate from the following : Indonesia,India and Oman.
Indonesia:
Latest announcement has proved we have tested oil from 2 zones at commercial rates. Another announcement is due any day on DST #5
India: The objective of the well programme is to confirm an independently certified reserve as the basis for a redevelopment project to start in 2008. Recent estimates of the resource targeted by the drilling program total 48 million barrels of oil originally in place and 302 billion cubic feet of gas, after accounting for the volumes produced from the field to date.
Oman:
Oilex's Block 56 exploration contract area in Oman in which it has a 25% stake, comprises 5,800 sq km and is located adjacent to a major oil producing area in the South Oman Salt Basin. Productive trends are interpreted to extend into Block 56.
Oilex is undertaking a very high level of exploration activity over the next 12 months, with a focus on its advanced Indian oil acreage, where success could prove up a commercial oil field. Elsewhere, Oilex is busy in Oman and Indonesia, with almost $67 million in cash to fund its exploration activity.
OEX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
